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Quality Appraisal Reviews with Alexa Appraisal (703) 425-2581
As stated in an announcement
by the Federal Reserve (click here), "financial institutions must have an effective, independent real estate appraisal and evaluation program" and that
appraisers completing reviews must "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines."
Alexa Appraisal (703) 425-2581 provides appraisal review services that are independent, expert, professional and in line with the Federal Reserve's rules.
The purpose of appraisal reviews are to ascertain: whether the original appraisal or evaluation is applicable for the transaction, the liability inherit in the transaction, and whether the procedures by which the collateral valuation is acquired ensures independence and quality.
Moreover, they must show whether the appraisal or evaluation report is in line with the engagement letter, which sets forth the range of the appraisal assignment.
The Fed also goes on to say that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems".
In addition to conforming our work to the procedures and guidelines of our review customers, there are four Fannie Mae forms that are primarily used for review services, and we can develop an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form.
Here at Alexa Appraisal (703) 425-2581, we're qualified in all forms of appraisal reviews, review processes and the obligations of review appraisers.
We are familiar with what the most prevalent reporting deficiencies are, specifically in our housing market. We also know what constitutes a quality appraisal.
In the same sense, we're skilled enough to recognize that the competition in our market are able to do quality work.
The Uniform Standards of Professional Appraisal Practice, or USPAP, govern appraisal reviews and appraisal reports, and you can rely on us to lawfully review appraisal reports carried out by others. And those others might be reviewing our work, too!
In short, here at Alexa Appraisal (703) 425-2581, you can rely on our independent judgment, because we offer professional, fair, ethical appraisal review services for our clients.
Contact us regarding our qualifications, expertise and services offered.
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